Original link: https://www.hellobtc.com/kp/du/08/3984.html
Author: Five Fireball Leader / Source: Vernacular Blockchain
This is the original 1718th issue of the vernacular blockchain
Produced | Vernacular Blockchain (ID: helloBTC)
Something happened recently, whether it is big or small, that is, the total turnover of Uniswap in the first two weeks exceeded that of Ethereum.
It is not big because it is only a weekly data after all, which belongs to “occasionally”; it is not small because Uniswap is only one of the thousands of DApps on Ethereum, and now a DApp earns Temporarily surpassing the entire chain, even if it’s just a flash in the pan, is “scaring” enough!
In the next cycle, is it possible to create a super DApp with revenue value close to or even higher than the underlying public chain?
I think there is still a possibility.
After all, we used to think that OS was the king, and Microsoft was the biggest thigh, but it turned out that super applications such as Facebook and Google did not lose out at all. Later, many programs used these super applications as platforms. For example, various popular WeChat applets and various Chrome plug-ins were created based on the two super applications, Wechat and Chrome.
In the world of blockchain, we may see a similar scenario.
01
Uniswap
Uniswap is undoubtedly the number one candidate for a super DApp.
This is a DApp in a bear market, and neither TVL nor exchange volume has dropped significantly, although the price has fallen a lot along with the broader market.
Super strong fundamentals have laid a good foundation for super DApps.
All that’s left is to build on top of it. First, it acquired Genie, and then integrated Sudoswap, directly reaching the NFT field with one foot.
Then, isn’t Uni always criticized that Token has no value?
Fee Switch Proposal Go! Basically passed with full votes.
Of course, when it can be implemented is another matter. After all, Sec is still watching over there. Is this kind of dividend switch turned on by community governance voting considered “securities” or “illegal”? I guess not many people inside and outside the circle can make it clear, there is no precedent to follow…
However, these are not the most important, the most important thing is that more and more projects are developed based on Uniswap, which means that Uniswap has truly become one of the most important infrastructures of the blockchain.
In the earliest Uniswap V2 era, liquidity mining was very popular, and many projects needed to use Uniswap’s LP Token for mining. (Note: V2, V3 refer to version iteration, namely version2, version3, the same below.)
In the V3 era, there is a demand for LP management, and projects such as Visor and Charm have begun to explore V3-based LP management, visualization, and automatic balancing strategies.
Now V3 is relatively mature, such as Perp V2, Rage Trade , etc. directly use Uniswap V3 as part of their protocol to make derivatives LP pools, and projects such as Voltz seek to authorize forks to use the source of V3 code.
In the next 1-2 years, I believe that more and more projects based on Uniswap design or using Uniswap as part of their underlying protocols will be seen, and the exploration of LP capital efficiency will never stop. Very curious about where the ceiling for Uniswap TVL and fees will be in the next bull market.
02
AAVE
The second with this kind of feel is undoubtedly AAVE.
AAVE also has the same good fundamentals: TVL and protocol revenue that is still good in the bear market, multi-chain deployment, risk isolation and other major updates to V3.
However, these are not the most important.
Like Uniswap, AAVE has also begun to passively or actively build its own “stack”. (a data structure memory)
For example, the recent Morpho lending project invested by A16Z is different from other methods of directly competing with AAVE and Compound by re-establishing a lending pool by itself. He is more of a lending protocol aggregator that optimizes capital efficiency.
As we all know, Ethlend, the predecessor of AAVE, was doing peer-to-peer lending, but it didn’t do it.
However, peer-to-peer is not useless, its capital utilization efficiency is much higher than the peer-to-peer model, and the interest rate is also better than the peer-to-peer pool in the case of successful matching, so Morpho superimposed a layer of peer-to-peer matching on the Compound and AAVE pools. With matching, it provides better capital utilization and borrowing rates.
This is similar to the above-mentioned Perp V2 and Rage Trade based on Uniswap V3.
What’s more powerful is yet to come.
Although Luna failed, the fat meat of the right to mint money is too tempting, and there will still be latecomers.
No, the recent proposal on the stablecoin GHO was passed by almost unanimously in the AAVE community!
It is almost a foregone conclusion that AAVE will be a stable currency in the future.
Originally, MakerDAO was regarded as the central bank and was responsible for the issuance of the stable currency DAI. AAVE and Compound were regarded as commercial banks, which provided DAI with application scenarios such as lending.
Now that commercial banks have been transformed, I also want the functions of the central bank!
Some people say that what is the difference between that and DAI? All are over-collateralized.
Looking at the picture, it is clear that by introducing Facilitator, GHO has multiple scenarios of casting, in addition to traditional over-collateralization, there is also RWA real-world asset mortgage, Delta Netural neutral exchange strategy similar to asset management, and even credit-based Fractional unsecured loans…
This is a more open and complex “central bank system” than MakerDAO.
And I believe that at the beginning of GHO’s launch, AAVE will definitely provide it with economic incentives such as interest rates that are more favorable than DAI and USDC, and I feel that there will be a head-to-head confrontation with DAI.
03
other?
To be honest, I haven’t seen the potential of super applications in other projects yet.
Curve is of course good , it has good fundamentals + cooperative projects like CVX, but its stable currency specialization makes it basically targeted at To B+ big households, and its user base is far less than that of Uni and AAVE. Maybe there are One day the foreign exchange transaction was launched, and Curve became the leader of foreign exchange Token business. At that time, it may become a super application for foreign exchange, whether it is To B or To C.
Or maybe, a Gamfi 2.0 project broke through the generation of play 2 earn, superimposed a good economic system on the basis of high playability, and wrapped countless players inside and outside the circle, making it an on-chain “Warcraft”. the world” feel. That’s one step away from the super application~
Friends, what other tracks do you think can give birth to super applications in the blockchain world? Welcome to leave a message to tell us.
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